Sat.Jul 22, 2023 - Fri.Jul 28, 2023

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JPMorgan to buy almost $2B of mortgages in the PacWest deal: reports

Housing Wire

JPMorgan Chase will buy nearly $2 billion worth of mortgages to grease Banc of California ‘s purchase of PacWest Bancorp , Bloomberg reported. The bank entered into an agreement to buy $1.8 billion of single-family residential loans at a discount, according to the outlet. Banc of California and PacWest announced on Tuesday an all-stock merger with a $400 million equity raise from Warburg Pincus and Centerbridge Partners to create a bank with $36 billion in assets.

Mortgage 370
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It’s either a bidding war or crickets

Sacramento Appraisal Blog

It’s either hot or cold. A bidding war or crickets. That’s what I’ve been hearing from real estate agents about their listings. Today I want to talk briefly about the word on the street, hot pockets, and I have some really cool stats to share. Skim quickly or digest slowly by topic. UPCOMING (PUBLIC) SPEAKING […] The post It’s either a bidding war or crickets first appeared on Sacramento Appraisal Blog | Real Estate Appraiser.

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Where buyers can live large without breaking the bank

Real Estate News

Nashville tops the list of cities with "just right" homes with ample square footage and big yards near urban centers.

Buyers 246
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Does USPAP Enable Bias?

George Dell

Is USPAP biased? (Appraisal Foundation, Uniform Standards of Professional Appraisal Practice) Is this possible? It can’t be! This part 8 of a multipart look at issues in valuation standards. Editor’s Note: This is Standards, part 3.8 of George Dell’s series on How Do I Move to EBV? Links to the earlier posts are here. Let’s […] The post Does USPAP Enable Bias?

Valuation 195
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Leverage Trellis Court Data To Identify More Investment Opportunities

Finance teams find Trellis to be particularly effective in conducting comprehensive due diligence on both individuals and businesses. With our court data solution, financial experts can access critical litigation insights, making it an invaluable resource for informed decision-making in the financial sector.

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First-time buyers need to earn $64,500 to afford a typical starter home

Housing Wire

High mortgages and stubbornly elevated home prices are worsening the housing affordability crisis. A first-time homebuyer must earn roughly $64,500 per year to afford the typical U.S. “starter” home, up 13% from a year ago, according to a new report from Redfin. In June, the typical starter home sold for a record $243,000, up 2.1% from a year earlier and up more than 45% from before the pandemic.

Buyers 370

More Trending

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Why do sellers pay buyer-broker commissions?

Real Estate News

The system of sellers funding commissions, which are then shared between seller and buyer agents, goes back more than 100 years. Is it time for a change?

Sellers 246
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San Diego Realtors sack CEO after $1M embezzlement lawsuit

Inman

The suit accuses now ex-CEO Mike Mercurio of using association credit cards for personal purchases, inflating his vacation time and selling items that the association paid for on eBay.

Realtors 148
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Today’s real estate agents see the light at the end of the tunnel

Housing Wire

Outsiders to the real estate industry may assume that the tight market has real estate agents hanging up their hats. In reality, today’s agents are seizing the market and feeling confident. Real estate agents are still confident in the industry and the market. Even as the housing market comes down from its COVID-19 pandemic highs, there are houses to be sold and deals to be made.

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Prioritizing Your Clients

The Appraiser Coach

When the pandemic hit us full force in 2020, business skyrocketed. We had never been busier! If I had tried to do everything the same way I.

Clients 195
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The Constructor's Digital Transformation Playbook: Reducing Risk With Technology

Speaker: Dylan Secrest

Construction projects are high-stakes operations where even minor inefficiencies can lead to costly delays, safety concerns, and budget overruns. Managing risk in construction has always been a challenge, but as projects grow in complexity, traditional methods no longer cut it. Enter Digital Transformation - a game changer approach that replaces inefficiency with AI-powered analytics, real-time monitoring, and automated workflows to proactively manage risk.

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Rentals can be a ‘perfect hedge’ during a slow market

Real Estate News

The property management platform RentSpree is seeing an uptick in real estate agent customers as for-sale inventory remains limited.

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EXp nabs top-producing Las Vegas agent and team

Inman

Bryan Knisley previously ran his own brokerage and completed stints at RE/MAX and Keller Williams. He's bringing 27 agents with him to eXp, according to the company.

Agents 148
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The Agency ventures into core services

Housing Wire

Mauricio Umansky ‘s residential brokerage The Agency is venturing into core services. Through partnerships with Bubble Insurance Solutions and New American Funding , real estate agents at The Agency will have access to mortgage lending services and insurance services for their clients. With Bubble Insurance Services, The Agency is launching its own affiliate insurance service, Agencia Insurance Solutions , which will serve new and past The Agency clients in California and Arizona.

Insurance 370
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Interest for New Homes Strengthens

Eyes on Housing

Higher interest rates have led millions of existing homeowners with mortgages under 4% to postpone plans to list their homes for sale, and for many prospective buyers, that supply vacuum has left newly built homes as the only game in town. That is the backdrop behind the strengthening of interest for new homes.

Buyers 148
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Need Curated Pre-foreclosure Lists to Generate New Real Estate Leads? Trellis Has the Data!

Trellis is a state trial court research and analytics platform that provides Real Estate Professionals (Buyers, Foreclosure, Loan Modification, etc.) with LEADS on Pre-Foreclosures, Lis Pendes, Distressed Assets and more — to help uncover **new** opportunities and grow their business. The process is quick and easy — and all in real time. Trellis will supply you with a link to the relevant dockets, a Leads sheet and access to its UI where applicable.

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Compensation lawsuits could 'explode' MLS status quo

Real Estate News

Realtracs CEO Stuart White believes the MLS landscape could look very different in a post-"cooperation and compensation" future.

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Buyers need $7,200 more than in 2022 to afford ‘starter’ homes

Inman

The annual paycheck for a first-time homebuyer is roughly $64,500 to afford the typical U.S. "starter" home in 2023 — up 13 percent from a year ago, according to a report from Redfin.

Buyers 148
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Opinion: why real estate agents should serve their community

Housing Wire

The importance of giving back to the community has never been more crucial or weighted with as much importance by the business world as right now. Real estate agents and business leaders play a pivotal role in improving the cities in which they operate, making community service an essential value to their professions. Not only does community service foster connection and belonging in the communities that agents serve, but it can also further develop and challenge agents to grow professionally an

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Housing Affordability Expectations Slide Back, Again

Eyes on Housing

After a reprieve in the first quarter of 2023, buyers’ outlook for housing affordability turned bleaker again in the second quarter. According to the latest Housing Trends Report, 76% of buyers are able to afford less than half the homes for-sale in their markets, up from 73% in the first quarter of 2023. On the flip side, the share able.

Buyers 147
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New home sales dipped in June but are well above levels from a year ago

Real Estate News

Prices also fell slightly, nearly closing the gap between new and existing home prices.

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Leads not biting this summer? Enter The Triangle Method

Inman

Inspired by this summer's hottest TikTok dating trend, trainer Rachael Hite breaks communication down into three simple steps to start seeing results in your frosty pipeline.

Agents 148
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PCE price index, one of the key inflation measures, kept cooling in June

Housing Wire

The personal consumption expenditures price index excluding food and energy increased just 0.2% in June from the previous month, the Commerce Department said Friday. On a year-to-year basis, the core PCE rose 4.1%, the slowest annual rate since September 2021. It marked a decrease from the 4.6% annual pace in May. Headline PCE inflation including food and energy costs also increased 0.2% on the month and rose 3% on an annual basis.

Marketing 370
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Housing Demand Slows on Higher Rates and Prices

Eyes on Housing

Mortgage rates’ slow –but steady– march upwards combined with the return of home price gains are doing what they are predicted to: slow housing demand. According to the latest Housing Trends Report, the share of adults with plans to purchase a home within a year dropped to 15% in the second quarter of 2023, down from a record high of.

Mortgage 148
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Mortgage rates move closer to 7%

Real Estate News

The 30-year fixed-rate mortgage rose to 6.81% this week as the Fed raised its benchmark rate to the highest level since 2001.

Mortgage 246
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Ginger Wilcox isn’t interested in stepping into Sherry Chris’ shoes

Inman

With 30 years of experience at some of the world's most recognizable brands, the newly-minted Better Homes and Gardens Real Estate president spoke to Inman about settling into her new role.

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The good news? The Fed doesn’t expect a recession. The bad news? Housing.

Housing Wire

After a year’s worth of warnings about a recession, Federal Reserve chair Jerome Powell said Wednesday that the central bank’s staff no longer forecasts a nationwide economic downturn. It’s welcome news for the economy to achieve a soft landing, a scenario in which inflation falls, unemployment remains relatively low and a recession is avoided.

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More New Homes Improve Expectations of Housing Availability

Eyes on Housing

Increased levels of new home construction and sales are leading some buyers to expect the home search to get easier in the months ahead. According to the latest Housing Trends Report for the second quarter of 2023, 29% of prospective buyers are anticipating housing availability to ease up ahead, an improvement over the 24% and 26% who had similar expectations.

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Home prices rise 4 months in a row

Real Estate News

The Case-Shiller index for May shows steady home price growth since January and a slight dip compared to this time last year.

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OJO promotes industry veteran Chris Heller to president

Inman

Former Keller Williams CEO Chris Heller previously served as OJO's chief real estate officer. Jerimiah Taylor, formerly a vice president at OJO, will step into Heller's previous role, the company said.

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Productivity report: The data on real estate agents vs. teams

Housing Wire

When you think about a real estate team , you automatically think they must be more productive than individual agents, right? Not so fast. Clearly, over the last decade, teams have grown far faster than individual agents in terms of closed transactions. This is not unexpected, as teams have the ability to scale their business far easier and faster than an individual agent.

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Personal Income Rises 0.3% in June

Eyes on Housing

The most recent data release from the Bureau of Economic Analysis (BEA) showed that personal income increased 0.3% in June. The pace of personal income growth slowed after reaching a 0.7% monthly gain in January 2023. Gains in personal income are largely driven by increases in wages and salaries.

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Florida and Texas markets are slowly regaining some balance

Real Estate News

After heating way up over the past few years, prices and inventory in two of the most populous states are showing signs of stabilizing.

Inventory 246
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Meet Inman Connect’s top marketing and customer experience experts

Inman

Meet the expert speakers joining us at Inman Connect who specialize in customer experience, branding and marketing strategies for real estate.

Marketing 148